FCC once again secures profits with €6.2 million of income reported for the first quarter of 2015
FCC took €6.2 million of profit in the first quarter of 2015 compared to €31 million in losses recorded for the year before. This is the first time in the last 10 quarters that FCC has noted positive figures, which have come at a time defined by the seasonal variation of income during the first three months of the year.
Gross operating income (Ebitda) rises to €169.3 million during this period, which equates to an increase of 0.6% compared to the corresponding period in March 2014. It is worth pointing out that this result was achieved in spite of negative influences on the Ebitda resulting from non-recurrent factors such as the sale of CO2 emissions rights.
Meanwhile, the net operating profit (Ebit) saw a year-on-year increase of 2%, reaching €70.9 million. This was due to inflation of the gross operating profit as well as less funds allocated to the amortisation of fixed assets, similar to the depreciation of its fixed asset base.
Agua (Water) and Servicios Medioambientales (Environmental Services) boost revenue
Consolidated revenue notes a year-on-year increase by 3% in the first quarter of 2015, reaching €1.4824 billion. This result is primarily explained by a 10.9% increase in turnover in international markets, particularly in integrated Water and Environmental Services management areas.
Sales in the Cemento division in Spain during the first quarter show a year-on-year increase of 13.1% after six years of continuous drops. Meanwhile, Construcción, which is more connected to the domestic cycles of investment in infrastructure, also records quarterly improvements. Although revenue in Spain is still slipping by 3.7% year-on-year, the pace of adjustment is improving compared to a 28% cumulative fall in 2014.
The business backlog is gradually growing (0.4% at the end of 2014), reaching €33.1154 billion, and attributable to the increase in the Environmental Services area.
Financial debt rises to €5.6512 billion, corresponding to an increase of €635.2 million at the end of 2014. This evolution is primarily a result of seasonal growth of floating capital and the negative impact of this type of change.
Meanwhile, net financial expenses are reduced by 21.9% thanks the capital structure strengthening which took place during the previous financial year.
Among these quarterly results it is worth noting that the residual assets and liabilities in the Versia business (Cemusa) have been designated as "held for sale" since 30 June 2013 and are pending completion of sale. In the same terms, it has registered those corresponding to the shares in Globalvía since 31 December 2013.
Accordingly, their earnings are recognised under "results from discontinued operations". Realia has also been reclassified as a continuing activity since 31 December 2014.
